Simmons & Simmons together with Indian lead counsel Khaitan & Co., Mumbai, has advised Larsen & Toubro Infotech Limited and Larsen & Toubro Infotech GmbH on its acquisition of Luxembourg-based Syncordis S.A, a leading core banking implementation services provider, along with its identified subsidiaries in France, UK, Luxembourg and India.

The acquisition is expected to be completed within a period of six to nine weeks from execution.

LTI is a global technology consulting and digital solutions company with more than 250 clients worldwide and operations in 27 countries. It provides a wide range of IT and ITES services across sectors such as automation, enterprise management, cyber security and applications managements.

Founded in 2004, Syncordis S.A. (and its subsidiaries) has an exclusive focus on Temenos Digital Suites that positions it as a leading independent pure play Temenos specialist. Syncordis S.A. has developed industry-leading accelerators that help with faster and consistent Temenos implementations and capture the fast-growing market opportunities for core banking product modernisation services.

The Luxembourg office of Simmons & Simmons worked closely with the Simmons & Simmons offices in Düsseldorf, Bristol and Paris as well as with Indian lead counsel Khaitan & Co. Simmons & Simmons provided assistance to Larsen & Toubro Infotech Limited and Larsen & Toubro Infotech GmbH on legal aspects of the transaction from a Luxembourg, German, English and French law perspective including undertaking due diligence of Syncordis S.A. and its subsidiaries and advising on the transaction and documents in general.

“Global Banking IT spend is expected to grow in the coming years and several banks are investing in core banking modernization programs, especially in Europe. This is a very synergistic move for us because Syncordis is one of Europe’s leading core banking implementation service providers with blue-chip clients and exclusive expertise to help with faster implementations. This acquisition reaffirms our commitment to the banking sector and to Europe. I am very excited to welcome Syncordis clients, employees and partners to LTI and look forward to the continuing leadership of Guillaume, Luc and Syncordis management.” – Sanjay Jalona, CEO and Managing Director, LTI

The transaction was led by the Simmons & Simmons Luxembourg team (Louis-Mael Cogis, Partner and Cathrine Foldberg Møller, Managing Associate). German law advice was provided by Simmons & Simmons Düsseldorf (Stephan Ulrich, Partner and Anja Schlichting, Associate), English law advice by the Simmons & Simmons Bristol office (Jocelyn Ormond, Partner and Amanda Kwagala, Associate) and French law advice by the Simmons & Simmons Paris office (Christophe Fichet, Partner and Christian Taylor, Partner).